Needham & Company LLC Reiterates Buy Rating for Mereo BioPharma Group (NASDAQ:MREO)

Mereo BioPharma Group (NASDAQ:MREO)‘s stock had its “buy” rating restated by Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $7.00 target price on the stock. Needham & Company LLC’s target price indicates a potential upside of 190.46% from the stock’s previous close.

Several other research firms also recently weighed in on MREO. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $7.00 price target on shares of Mereo BioPharma Group in a research note on Tuesday, March 18th. Lifesci Capital began coverage on Mereo BioPharma Group in a report on Tuesday, December 24th. They set an “outperform” rating and a $10.00 target price for the company. Finally, Jefferies Financial Group initiated coverage on Mereo BioPharma Group in a research note on Friday, December 6th. They issued a “buy” rating and a $7.00 price target on the stock. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Mereo BioPharma Group presently has a consensus rating of “Buy” and a consensus target price of $7.71.

Mereo BioPharma Group Trading Up 1.7 %

Shares of NASDAQ:MREO opened at $2.41 on Wednesday. The business’s 50 day moving average price is $2.73 and its 200-day moving average price is $3.51. Mereo BioPharma Group has a 1 year low of $2.22 and a 1 year high of $5.02.

Mereo BioPharma Group (NASDAQ:MREO) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). Research analysts predict that Mereo BioPharma Group will post -0.03 EPS for the current year.

Institutional Trading of Mereo BioPharma Group

A number of hedge funds have recently bought and sold shares of MREO. Newbridge Financial Services Group Inc. acquired a new position in shares of Mereo BioPharma Group during the 4th quarter worth approximately $37,000. Jump Financial LLC purchased a new position in Mereo BioPharma Group during the fourth quarter worth approximately $39,000. Sheets Smith Investment Management purchased a new position in Mereo BioPharma Group during the fourth quarter worth approximately $59,000. Virtus ETF Advisers LLC acquired a new position in Mereo BioPharma Group during the fourth quarter worth $67,000. Finally, Avanza Fonder AB purchased a new stake in Mereo BioPharma Group in the 4th quarter valued at $69,000. Institutional investors and hedge funds own 62.83% of the company’s stock.

Mereo BioPharma Group Company Profile

Mereo BioPharma Group plc, a biopharmaceutical company, develops and commercializes therapeutics for the treatment of oncology and rare diseases in the United Kingdom, the United States, and internationally. It develops Etigilimab (MPH-313), an antibody T-cell immunoreceptor with Ig and ITIM domains, which is in Phase 1b clinical trial for the treatment of tumors.